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COMPANY REGISTRATION NUMBER: 06930725
Aerospace Warranty Management Limited
Filleted Unaudited Financial Statements
30 June 2023
Aerospace Warranty Management Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,290,397
1,331,942
Investments
7
100
100
------------
------------
1,290,497
1,332,042
Current assets
Debtors
8
1,475,414
1,260,146
Cash at bank and in hand
295,072
521,589
------------
------------
1,770,486
1,781,735
Creditors: amounts falling due within one year
9
199,459
252,392
------------
------------
Net current assets
1,571,027
1,529,343
------------
------------
Total assets less current liabilities
2,861,524
2,861,385
Creditors: amounts falling due after more than one year
10
364,262
Provisions
Taxation including deferred tax
26,442
28,457
------------
------------
Net assets
2,835,082
2,468,666
------------
------------
Capital and reserves
Called up share capital
11
130
130
Capital redemption reserve
10
10
Profit and loss account
2,834,942
2,468,526
------------
------------
Shareholders funds
2,835,082
2,468,666
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Aerospace Warranty Management Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
N J Snow
Director
Company registration number: 06930725
Aerospace Warranty Management Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14 Oak Industrial Park, Chelmsford Road, Dunmow, Essex, CM6 1XN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Improvements to property
-
2 % straight line
Depreciation has not been provided on the company's freehold property as, in the opinion of the directors, the market value of the property continues to be in excess of the book value. The company maintains and refurbishes the freehold property to a level which enables the directors to conclude that the expected residual value will be of a level that results in no depreciation
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Income from grants is recognised in other operating income when these are receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Research and development
Research expenditure is written off in the year it is incurred.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
928,794
50,135
199,414
43,282
244,409
1,466,034
Additions
199
10,430
10,629
Disposals
( 4,551)
( 4,551)
---------
--------
---------
--------
---------
------------
At 30 Jun 2023
928,794
50,334
199,414
49,161
244,409
1,472,112
---------
--------
---------
--------
---------
------------
Depreciation
At 1 Jul 2022
31,020
60,218
27,891
14,963
134,092
Charge for the year
4,816
34,799
5,550
4,888
50,053
Disposals
( 2,430)
( 2,430)
---------
--------
---------
--------
---------
------------
At 30 Jun 2023
35,836
95,017
31,011
19,851
181,715
---------
--------
---------
--------
---------
------------
Carrying amount
At 30 Jun 2023
928,794
14,498
104,397
18,150
224,558
1,290,397
---------
--------
---------
--------
---------
------------
At 30 Jun 2022
928,794
19,115
139,196
15,391
229,446
1,331,942
---------
--------
---------
--------
---------
------------
7. Investments
Other investments other than loans
£
Cost
At 1 July 2022 and 30 June 2023
100
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
100
----
At 30 June 2022
100
----
8. Debtors
2023
2022
£
£
Trade debtors
341,146
267,633
Prepayments and accrued income
46,294
17,805
Related undertakings
949,912
970,981
Other debtors
138,062
3,727
------------
------------
1,475,414
1,260,146
------------
------------
The debtors above include the following amounts likely to fall due after more than one year.
2023 2022
£ £
Related undertakings 949,912 970,981
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
28,417
Trade creditors
22,518
Accruals and deferred income
64,899
78,250
Corporation tax
105,721
46,864
Social security and other taxes
3,636
58,461
Director loan accounts
12,262
Other creditors
2,685
28,138
---------
---------
199,459
252,392
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
364,262
----
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £250,593) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The company's banking facilities were secured by a debenture, over the assets of the company together with a legal mortgage over the company's freehold property. This was satisfied on 21 June 2023.
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
90
90
90
90
B shares of £ 1 each
20
20
20
20
C shares of £ 1 each
20
20
20
20
----
----
----
----
130
130
130
130
----
----
----
----
12. Related party transactions
At the year end, the N J Snow , a director, owed the company £138,062 (2022: £12,262 creditor) which is shown amongst other creditors At the year end, the company was due £949,912 (2022: £970,981) from related parties.